Private payrolls increased by 192,000 in April, more than expected for resilient labor market
Source: CNBC
Published Wed, May 1 20248:15 AM EDT
Private payrolls increased at a faster than expected pace in April, indicating there are still plenty of tailwinds for the U.S. labor market, according to ADP.
The payrolls processing firm reported Wednesday that companies added 192,000 workers for the month, better than the Dow Jones consensus outlook for 183,000 though a slight step down from the upwardly revised 208,000 in March.
At the same time, the firm’s wage measure showed worker pay up 5% from a year ago, a multiyear low that provided some welcome news against multiple other signs showing inflation has proved more resilient than many economists and policymakers had expected.
“Hiring was broad-based in April,” ADP chief economist Nela Richardson said. “Only the information sector – telecommunications, media, and information technology – showed weakness, posting job losses and the smallest pace of pay gains since August 2021.”
Read more: https://www.cnbc.com/2024/05/01/adp-jobs-report-april-2024-192000-jobs-added.html
This is ADP's survey. The government's UE report will issue this coming Friday.
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the worst were Trump, the Bushes, and Reagan. It's no coincidence that my life has consistently been better during Democratic presidents.
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